Strong cattle values, at the same time as easing indicative export prices, did little to slow down beef exports in February, with Australia trading 106,054 tonnes shipped weight (swt) of beef and veal, up almost six per cent year-on-year and the highest February volume on record.
Once again, the US was Australia’s largest export destination, taking 37,822 tonnes swt for the month, up 60pc year-on-year but short of the monthly record of 47,238 tonnes swt recorded in September last year. While industrial action was causing back logs at US west coast ports (labour negotiations are now reported to have concluded), Australian exporters were, in part, able to redirect product and keep volume flowing, with the proportion of exports to east coast ports increasing from 64pc in February last year to 74pc this year.
While export growth was also evident in Japan (up 10pc) and Canada (up 36pc), most other major markets received fewer shipments than last year. Exports to China declined 25pc year-on-year to 9874 tonnes swt and volume to Indonesia shrunk 29pc to 4306 tonnes swt. While exports to Korea were steady, at 12,186 tonnes swt, shipments to the Middle East were back 23pc, at 3882 tonnes swt.
February exports were boosted by high slaughter rates, with the NLRS eastern states indicative weekly adult cattle slaughter averaging just over 170,000 head, up 2pc year-on-year and not far below the high levels recorded in November last year. Furthermore, part of the decline in US imported manufacturing prices was offset by a falling A$, averaging 77.92US¢ for the month, back 13pc year-on-year.
